KuCoin AMA with zkTube Protocol (ZKT) — The First Layer 2 Mining Network That Provides Extra Security and Privacy

2021/11/22 03:05:51

Dear KuCoin Users,

Time: October 25, 2021, 12:00-12:59 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the zkTube Protocol team in the KuCoin Exchange Group.

Project Introduction

zkTube is a network protocol based on Ethereum Layer 2 technology ZK-Rollup. Among other things, the protocol aims to solve Ethereum’s growing problems of congestion, delays when processing transactions, and high gas fees, all while maintaining Layer 1 security.

Official Website: https://zktube.io

White Paper: https://github.com/zkTube-Labs/zkTube-docs/tree/main/docs/Whitepaper

Follow zkTube Protocol on Twitter and Telegram.


Anna Jones — zkTube Business Development Manager

Anna is an experienced executive who specializes in Business Management as well as Relationship Management in the Finance industry. She is skilled in Business Development and Market Research and a strong professional with a Master’s Degree major in International Management from the University of Strathclyde.

Elaine Davis — zkTube Marketing Manager

Elaine is an experienced Digital Marketing and Growth Manager with a demonstrated history of working in the marketing and advertising industry. She is skilled in Digital Strategy, Performance-Based Marketing, Customer Acquisition, Mobile Marketing, and Media Buying.

Q&A from KuCoin

Q: Can you please introduce your zkTube project?

Elaine: zkTube Labs has built and developed a protocol project on Layer 2 for Ethereum using ZK-Rollup technology and the PLONK principle. It can improve scalability by batching transactions to a single transaction on Layer 2.

zkTube is a trustless protocol solution powered by ZK-Rollup technology to resolve scaling for Ethereum. It uses generated cryptographic proofs and zero-knowledge rollups to offer scaling capability by ensuring data availability, privacy, and synchronized data stored on the Ethereum mainnet.

zkTube is poised to become the best Layer 2 protocol for payment solution with no more than $0.01 per transaction fee and a throughput transaction per second (TPS) of up to 3,000+. It offers a great value proposition for people. In the future, financial institutions will move to Ethereum to provide a more user-friendly payment system worldwide.

Q: zkTube offers the following advantages: low gas fee and high transaction throughput, Ethereum on-chain level security, quick transaction verification, and instant payment. Can you tell us about these advantages of zkTube?

Anna: zkTube uses the advantages of the inherited properties of the Ethereum platform on Layer 2.

It uses the ZK-Rollup technology, which is based on the PLONK algorithm protocol, to improve its functions. Under ZK-Rollup, zkTube relies on the censorship resistance of Layer 1 and the security properties of the main network in order to achieve a level of safety performance.

The advantage of the PLONK zero-knowledge proof scheme is that it supports a universal and updateable structured reference string (SRS) and is limited by the size of the circuit design.

It does not exceed the upper limit of the SRS threshold with some scenarios and functions sharing an SRS, which is very useful for zkTube.

zkTube takes advantage of this feature and, in some cases, for deposits, withdrawals, and transfers. The verification time of zkTube was originally about 1/5 of SNARKs, but after further optimization of zkTube, it was shortened by 15–20 times.

Q: There are so many Layer 2 projects. Why is zkTube unique?

Elaine: Effectively, in order to achieve large-scale application deployment on the Ethereum network, the solution architecture must be expanded to Layer 2. This is one of the reasons why zkTube has quickly gained attention and maintained support since the beginning of 2021.

zkTube usage of rollups and generated zero-knowledge proof is the future direction path of Ethereum 2.0. With further increases in network traffic volumes and the block size remaining constant, zkTube stands out against many competitive solutions in terms of efficiency and security.

Q: Can you introduce some information to us about the community of zkTube?

Anna: At present, we have 50k Twitter followers, 9,600 followers for Facebook, Medium 1,634 followers, and Telegram 64,853 subscribers. On Telegram, there is an official group and other groups in 9 different countries, and each area group has 1 main chat and 1 for the miners. Discord has 10,349 members, Reddit with 3,050 subscribers, and the community will continue to grow in the near future.

Q: How do you plan to build brand awareness about your project in different markets?

Elaine: Globally, the zkTube protocol project is recognized by users and developers from around the world, including Australia, Russia, China, Japan, the Middle East, Vietnam, India, Korea, and more in a long list.

Users from some countries have spontaneously formed communities to promote the use of the zkTube protocol. This is a very exciting time, and we are grateful for the support and efforts from our communities.

Q: zkTube has a native token, ZKT. Could you explain the function of your token in your platform and how do we possibly purchase it?

Anna: ZKT is an ERC-20 token. It can be used from stake mining of Layer 1 to deposit functions in the wallet on Layer 2. ZKT is also used for transaction and withdrawal fees. Additionally, ZKT tokens will be mined as collateral according to the token economy rules. And I believe everyone can purchase tokens from exchanges by this month. Please keep yourself posted on that in our upcoming announcements!

Q: How was the PayTube Wallet positioned and developed?

Elaine: PayTube Wallet is produced by zkTube Labs, using ZK-Rollup technology. It is positioned as a Layer 2 asset medium of exchange while ensuring the continuous and normal access of Layer 1 applications.

At present, the Layer 2 asset list supports the transaction function for a variety of tokens. It provides three types of network fees: super fast, fast, and regular for users to choose from. Under development is a zero-knowledge Ethereum Virtual Machine (ZKEVM), and we are also looking forward to reaching a development agreement with more projects for Layer 2 deployment.

We are conducting joint development efforts to provide users and projects with more features for low fees, fast verification, and security. The company will jointly promote the rapid growth of the Ethereum ecosystem in this untapped market segment. At the same time, the new PayTube Wallet will provide more functions to all users around the world. So please stay tuned!

Q: What kind of changes can zkTube bring to the GameFi field?

Anna: Since the beginning of 2021, the Play-to-earn model has experienced a boom in the industry.

The entire GameFi market has huge development opportunities, but it is also restricted by the Ethereum network congestion.

zkTube has a matured network protocol to perform aggregated transactions on Layer 2, and transaction status is posted on Layer 1.

It relieves the workload on the Ethereum mainnet and mitigates the risk of overloading the network.

For ordinary users, the value proposition is reduced transaction costs with less friction on transaction processing which zkTube is constantly focused to achieve.

At present, the Layer 2 wallet application supports the transfer of some tokens.

In September 2021, zkTube Foundation and ONEUNI Capital jointly established a seed incubation fund worth more than 10 million US dollars.

This fund is used to support start-ups in the GameFi field and promote the application use of ZK-Rollup technology.

Free-Ask from KuCoin Community

Q: Could you give us some reasons why we have to choose PayTube over other wallets out there?

Elaine: Compared with various wallets on the market, PayTube is currently the only wallet built using ZK-Rollup technology. Therefore, PayTube can surpass other wallets in terms of security and provide a safer storage environment for users’ funds. For enterprise-level users, they will be more at ease when managing huge amounts of money. As for individual users, they can enjoy a lower transfer fee and a faster transfer speed at the same time.

Q: Every project has a story behind its name. Can you tell us more about the story behind this? Who is the team behind this project? Can you tell us their background?

Anna: The concept of the zkTube protocol prototype originated as early as 2018. There were controversies proposed on mining solutions for anti-ASIC (Application-Specific Integrated Circuit) in the developers’ meeting discussion. One of zkTube co-founders, Lance Zhang, participated in the Ethereum scalability hackathon summit. He came up with new ideas on Proof of Stake mining and built the zkTube prototype. He was awarded an Ethereum research grant and received a strong mention for contributions to the Ethereum ecosystem.

Q: Talk to me about mining. What is the current mainnet stability and mining output of zkTube?

Anna: Since the mainnet went live last month, we have carried out a version upgrade to partially optimize the stability and security of Layer 2 network transactions. At present, the mining output of zkTube's mainnet will continue to improve with an increasing number of nodes and users. ZKT will soon be listed on global exchanges. This is undoubtedly good news for our node participants globally.

Q: What kind of achievements does zkTube hope to achieve in the field of Layer 2?

Elaine: Our mission at zkTube is to be the best solution for Cross Rollups on Layer 2 application environments to support Ethereum scaling. zkTube has so much potential and capabilities to offer. We have a membership to the Enterprise Ethereum Alliance (EEA), a large mining pool to be further deployed in Canada and investments worth up to $24 million plus a financial protection pipeline that is forecasted to reach $15 million and a dedicated team.

In the future, zkTube expects to seek greater breakthroughs in the Layer 2 development stack and become an indispensable part of the Ethereum ecosystem.

Q: Could you give us some reasons PayTube is a revolution of decentralized digital currency payment wallets. PayTube’s aim is to become the most user-friendly digital wallet. There are various types of digital wallets available in the crypto world. I want to know how PayTube is different.

Anna: For now, decentralized wallets have a limited focus on wallet performance based on their own development needs. In contrast, PayTube Wallet is big in functionality with lots of innovations. We have to pass all the tests before going to market. Next, I will briefly introduce the PayTube Wallet.

PayTube Wallet uses a smart contract that supports a multi-asset interface developed based on the zkTube Protocol and it is committed to providing users with a convenient and cost-effective payment experience. Firstly, the main advantage is that there is no risk of asset loss and it is safer compared to existing wallets. A further advantage of PayTube is that users can directly interact with decentralized financial applications such as DeFi and NFT on Layer 2. Secondly, application providers can also directly transfer assets to their own Dapps for use on PayTube Wallet. They can directly connect to PayTube L2 accounts for related operations. In future releases and updates, we will also add popular services and functions to meet users' demand for decentralized wallets.

Q: I think security is very important, especially with regard to data and funds, very sensitive for us. My question is, how do you ensure the safety of our funds and data?

Anna: User’s assets are stored in the smart contract, and only the authorized user can deal with it. Access is only allowed to the service provider to interrupt the transaction but not to deal with it. zkTube uses ZK-Rollup smart contract to validate each transaction, and once validated, each transaction state is verified and posted. Strictly speaking, bad actors cannot steal funds or destroy Rollup status.

ZK-Rollup inherits the censorship resistance and the security properties of the Layer 1 Ethereum main network. It is an activity that does not require the monitoring of ZK-Rollup. After block verification, user funds are always guaranteed to be safe, recoverable and do not require third parties like operators to cooperate.

Therefore, there are no reasons for users to worry about the safety of their assets. Regardless of any unforeseen external event like operator strikes, users can still legally withdraw their assets through smart contracts.

zkTube uses basic mathematical encryption to provide flexibility by replacing trusted parties with cryptography proofs and game theory incentive mechanisms.

Q: Is there anything else you would like to share or you want us to know?

Elaine: Yes.

On the 27th of October, our team is scheduled for a presentation at Blockchain Life 2021 in Moscow with a keynote speech given by our zkTube European ambassador.

And stay tuned for the opening of trading tomorrow.

Anna: Can’t wait for it!

Giveaway Section

KuCoin and zkTube Protocol have prepared a total of 2,000 USDT to give away to AMA participants.

1. Free-ask section: 75 USDT

2. AMA activity: 1,925 USDT

Activity 1 — Quiz: 1,500 USDT

Activity 2 — Price Guess: 300 USDT

Participation Rewards: 125 USDT

. . .

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